AB Klaipedos nafta comments on 2018 financial information

The year 2018 was challenging for AB Klaipedos nafta (KN) due to a tense and dynamic situation in the market, intense geopolitical environment and the trends of rising costs.

Nevertheless, the flow of oil products and natural gas cargos remained at almost the same level during 2018 as 2017.

During 2018, KN’s Klaipeda and Subacius oil terminals handled 6.69 million t of oil products in total (compared to 7.18 million t during 2017). These terminals’ sales revenue reached €35.2 million, a decrease of 7.1% compared to 2017 (€37.9 million). The overall decrease in loading volumes for the year 2018 was mainly a result of the lower quantities of light oil products from ORLEN Lietuva refinery.

During 4Q18, two gas carriers delivered cargo to KN’s LNG terminal and two small scale operations of LNG reloading were carried out. Total volume of re-gasified and reloaded LNG for the twelve months of 2018 was 9.2 million MWh, substantially lower than 2017 (12.6 million MWh). In 2018, the terminal’s revenue was €64.5 million, declining by 5.4% on the 2017 figure.

In the first days of 2019, KN’s LNG logistic chain in the Baltic Sea region was strengthened by LNG bunker supply vessel Kairos, which is operated by KN together with project partners. Kairos ensures the transportation of LNG from Klaipeda LNG terminal to Klaipeda small-scale LNG terminal, and during the first month of 2019 has made two small-scale reloading operations.